Over the weekend, Bitcoin made another attempt to come close to the $50000 mark, but it was unsuccessful. The level of 50000 provides strong resistance and a break above this level will set Bitcoin in a bullish trend.
And Bitcoin starts a new week with a fall. The BTC/USD pair dropped below 49000 and 48000 levels. The pair also dipped below the 100-hour moving average. At the time of publication, the BTC/USD pair is trading around 47900. The break below the level of 48000 opened the way for the pair to the next support level of 46700. However, we see that the bulls managed to catch the price and prevent it from falling below 47400.
If the bulls are able to bring the BTC/USD pair back above 48000 by the end of today, the price could rise to the next resistance area around 49000. However, the greatest resistance will be expected for the pair around 49500.
It is worth noting that, according to Glassnode, nearly 1,65 million BTC has an on-chain cost basis in the $45000-$50000 range forming a strong support zone. In the range of $53700-$59000 about 1,33 million Bitcoins have been accumulated.
In addition, almost 2,98 million BTC has been accumulated in the range $31000-$40000, which indicates a large cumulative demand in this range.